Tax credit helps seniors renovate their home: Vic Dhillon

Published October 9, 2012 | 1:43 pm

SAANJ NEWS

Brampton: Seniors and their families can now claim up to $1,500 for permanent changes to their homes to accommodate age-related needs.

The Ontario legislature voted in favour of the Healthy Homes Renovation Tax Credit Tuesday, a program which helps seniors recover 15% of the cost of renovations up to $10,000.

Vic Dhillon MPP Brampton West

The new Healthy Homes Renovation Tax Credit Act will help Ontario seniors renovate their homes so they can live in them longer, while remaining independent and safe.The credit can be used for home modifications such as stair lifts, walk-in bathtubs and ramps.

The Healthy Homes Renovation Tax Credit will improve seniors’ quality of life at home and help reduce pressures on more costly hospital and long-term care services. Seniors at all income levels can qualify for the tax credit.The previous home renovation tax credit could be used to reduce the amount of Federal Tax Payable; it did not create a refund.

Amounts claimed by couples are subject to a combined maximum of $10,000 in eligible expenses per year. Different family members in a shared home can claim the credit. However, the total amount of the eligible expenses that can be claimed, per year, by all of those family members cannot exceed $10,000.

Spouses or common-law partners, who live in separate homes because of medical necessity or because of a breakdown in their marriage or common-law relationship, can each claim up to $10,000 of expenses.

“Very relieved the Healthy Homes Renovation Tax Credit (HHRTC) passed.  I feel that we owe it our seniors to make life easier for them in their golden years; we are enjoying the fruits of their hard work. This will allow our seniors to make modification to their homes to make it more comfortable or functional to live in.” Vic Dhillon MPP Brampton West said in a release.

Posted by Saanj News on October 9, 2012. Filed under COMMUNITY. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry